FAKULTI PERAKAUNAN

UNIVERSITI TEKNOLOGI MARA

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FINANCIAL ACCOUNTING 1 (FAR110)
ADJUSTED LESSON PLAN SEMESTER OCTOBER 2020 - FEBUARY 2021

COURSE : FINANCIAL ACCOUNTING 1

CODE : FAR110
LECTURE : 2 HOURS/WEEK
TUTORIAL : 1 HOUR/WEEK
LECTURER : EVEANA MOSUIN
OFFICE : ROOM 3, LEVEL 2, MENARA ILMU
CONTACT NO. : 019-5370474

COURSE DESCRIPTION

This course introduces the student to financial accounting and assumes that the student has no prior knowledge of the subject. It deals with the
recording of accounting transactions and events using the double entry system and the preparation of financial statements of a sole trader for
merchandising and service enterprise. The course will expose the students to the fundamental accounting principles, accounting techniques and
the underlying records used in recording and preparing the financial statements. This course aims to provide students with the basic accounting
knowledge and skills in the recording process and the preparation of financial statements.

COURSE OUTCOMES
CO1 Define the terms and the activities associated with financial accounting.
CO2 Create accounting records and the financial statements of a sole-proprietorship business.
CO3 Prepare accounting simulation package for a sole-proprietorship business.
 WEEK TOPIC / ACTIVITY MATERIALS E-LEARNING ASSESSMENT
SHARED PLATFORMS
Week 1 1.Introduction to Accounting -Notes / Power point uFuture/WhatsApp / (Entrance survey)
presentation Google Meet/Google 12 – 25 October
1. Definition of accounting. -Pre-recorded video Form/Telegram/Microso 2020 in Ufuture
2.Three basic activities: content ft Team/F2F
-Identification, recording, communication -Past Semester
3. Objective of financial reporting. Questions
4. Users and uses of accounting Information:
-Internal users& external users
5. Qualitative characteristic of accounting information:
-Relevance, faithful representation, comparability, verifiability,
timeliness, understandability
Week 2 1.Introduction to Accounting -Notes / Power point uFuture/WhatsApp /
presentation Google Meet/Google
1. The Building Blocks of Accounting: Form/Telegram/Microso
-Pre-recorded video
-Ethics in financial reporting. ft Team/F2F
content
-Generally accepted accounting principles and
accounting standard. -Past Semester
-Measurement Principles: Questions
-Historical cost principle
-Objectivity principle
-Full disclosure principle
-Revenues and expenses recognition principle
-Accounting concepts, conventions and assumptions:
-Monetary unit assumption
-Going concern concept
-Accrual-based accounting
-Neutrality
-Materiality
-Consistency
 -Business Entity: Proprietorship; Partnership; Limited liability
partnership; company

2. Sub-topic(s) added:
1. History and development of accounting
2. The role of accounting profession in business
Employment opportunities
Week 3 3. Accounting Cycle and Accounting Equation -Notes / Power point uFuture/WhatsApp /
presentation Google Meet/Google
1. Accounting cycle: Form/Telegram/Microso
-Pre-recorded video
-Source documents ft Team/F2F
content
-Journal
-Past Semester
-Ledger (Three column)
Questions
-Trial balance
-Adjustments
-Financial statements
2. Accounting equation:
-Basic accounting equation.
-Expanded accounting equation.
-Elements of accounting equation:
-Asset
-Liability
-Owner’s equity
-Revenue and expense
Week 4 4.Principles of double entry and trial balance -Notes / Power point uFuture/WhatsApp /
presentation Google Meet/Google
1. Double entry principle: Form/Telegram/Microso
-Pre-recorded video
-Double entry rule for asset. ft Team/F2F
content
-Double entry rule for liability.
-Double entry rule for capital. -Past Semester
-Double entry rule for drawing Questions
-Double entry rule for revenue.
-Double entry rule for expense.
2. The relationship between accounting equation
and double entry rule:
 -Transaction analysis.

Week 5-6 5.Journal, ledger and Trial Balance -Notes / Power uFuture/WhatsApp / Group assignment
point presentation Google Meet/Google 1 (mini case study
1. Journal: Form/Telegram/Microso
-Pre-recorded video and accounting
-General journal. ft Team/F2F
content simulation)-10%
-Specialised journal:
-Sales journal -Past Semester
-Sales return journal Questions
-Purchase journal
-Purchase return journal
-Cash receipts journal
-Cash payments journal
2. Ledger:
- Sales ledger.
-Purchase ledger.
-General ledger.
3. Trial Balance:
-Trial balance format.
-Purpose of a trial balance.
Week 7 6. Accounting errors -Notes / Power uFuture/WhatsApp /
point presentation Google Meet/Google
1. Error versus fraud. -Pre-recorded video Form/Telegram/Microso
2. Types of accounting errors: content ft Team/F2F
-Errors that affect the trial balance. -Past Semester
-Errors not affecting the trial balance. Questions
3. Correction of errors.
4. Methods to correct errors:
-Correction of errors affecting trial balance.
-Correction of errors not affecting trial balance.

27/11 – 5/12 MID-TERM BREAK

Week 8 7. Accounting for inventory -Notes / Power point uFuture/WhatsApp / Test (Online)-15%
presentation Google Meet/Google
1. Malaysian Financial Reporting Standard 102. Form/Telegram/Microso
-Pre-recorded video
2. Inventory system: ft Team/F2F
content
-Periodic inventory system.
-Perpetual inventory system. -Past Semester
3. Accounting issues for inventory. Questions
-Purchases and sales.
-Discount.
-Returns and transportation cost.
4. Closing inventory
5. Periodic versus perpetual Inventory system.
Week 9-10 8. Adjustment – accruals and prepayments; Depreciation -Notes / Power point uFuture/WhatsApp / Online Quiz 1:
presentation Google Meet/Google Accounting for
1. Accrual and prepayments: -Pre-recorded video Form/Telegram/Microso Inventory
-Cash basis versus accrual basic of accounting. content ft Team/F2F (Perpetual) and
-Accruals and prepayments. -Past Semester Accounting Error –
-Accounting implications for accruals and prepayments. Questions 5%
-The recording of accruals and prepayments.
-Reporting of revenues and expenses.
2. Depreciation:
-Causes of depreciation.
-The concept of depreciation.
-Recording and reporting of depreciation expense
and non-current assets.
-Methods of depreciation:
-Straight line method.
-Reducing balance method.
-Factors to consider in depreciation calculation.
Week 11 9. Completing the accounting cycle and financial -Notes / Power point uFuture/WhatsApp / Due date for Group
Statement presentation Google Meet/Google Assignment 1
-Pre-recorded video Form/Telegram/Microso
1. Preparing the adjusted trial balance. content ft Team/F2F
2. Format of the financial statements. -Past Semester
3. Tips for preparing financial statements. Questions
 4. Closing entries and post-closing trial balance:
-Closing entries.
-Post-closing trial balance.
Week 12 10. Accounting ratio -Notes / Power point uFuture/WhatsApp /
presentation Google Meet/Google
1. Purpose of accounting ratio -Pre-recorded video Form/Telegram/Microso
2. Types of ratio: content ft Team/F2F
-Profitability ratio: Gross profit ratio & Net profit ratio -Past Semester
-Liquidity ratio: Current rati0 & Acid test ratio Questions
-Efficiency ratio: Inventory turnover ratio & Account
receivable collection period
3. Usefulness of accounting ratios
4. Limitations of accounting ratios
Week 13 11. Bank reconciliation -Notes / Power point uFuture/WhatsApp / Online Quiz 2:
presentation Google Meet/Google Journal entries for
1. Cash and bank transactions. -Pre-recorded video Form/Telegram/Microso recording
2. Bank statement. content ft Team/F2F adjustments and
3. Bank reconciliation and its purpose. -Past Semester bank reconciliation -
4. Transactions recorded by the business but not by the Questions 5%
bank.
5. Transactions recorded by the bank but not by the
business.
6. Error.
7. The bank reconciliation techniques:
- Steps in preparing a bank reconciliation.
Week 14 12. Incomplete records -Notes / Power point uFuture/WhatsApp / Group Assignment
presentation Google Meet/Google 2 -5%
1. Single entry and double entry system -Pre-recorded video Form/Telegram/Microso
2. Disadvantages of a single entry system: content ft Team/F2F
- Unsystematic system -Past Semester Due date for Group
- Incomplete system Questions Assignment 2
- Lack of accuracy
- Does not reflect true profit or loss
- Does not reflect true financial affairs
 - Frauds and errors
- Unacceptable for tax purpose
3. Comparison and analysis methods:
- Comparison method
- Analysis method
4. Preparation of the statement of profit or loss and (Exit Survey)
statement 11 – 24 Januari 2021
of financial position in ufuture
Week 15-16 Final Assessment - 60% Final Assessment -
60%

PROPOSED OF MODE OF ASSESSMENT FOR SEMESTER OCTOBER 2020 – FEBUARY 2021

NO TYPE OF ASSESSMENT MARKS ALLOCATED PLATFORM/ DETAILS

(%)
1 Quizzes 10 - MCQ and True/False (online)
 Principal of Double Entry & Trial Balance. - Quiz 1 WEEK 9 or 10
 Bank Reconciliation Statement. - Quiz 2 WEEK 13
2 Test 15 - MCQs /True/False / short questions (online)
 Introduction to accounting, accounting - WEEK 8
cycle and accounting equations, double
entry system, journal, ledger, trial balance,
 Accounting errors,
 Accounting concept,
 Accounting equation.
3 Group Project - Max Group of 2-3 students
 Self-created assignment. 10% - Rubrics will be given
 Incomplete records 5% 15 - Submission:
Group Assignment 1 WEEK 11
Group Assignment 2 WEEK 14
4 Final Assessments 60% - MCQ/True/False/Short questions
- MCQ/True/False/Short questions
- Date to be determined
TOTAL 100%

Recommended text:

Siti Noor Hayati Mohamed Zawawi, Amla Abu, Rokimah Mohamad, Rosmawati Haron, FUNDAMENTAL ACCOUNTING, McGraw Hill,
ISBN: 9789670761039